Tandem Bank Approves £650m in Green Home Improvement Lending
Tandem Bank, a leading digital bank in the UK, has made a significant announcement regarding its commitment to promoting sustainability and energy efficiency. The bank has approved £650m in new lending for green and ‘pathway to green’ home improvement projects, showcasing its dedication to helping UK households reduce their carbon footprint.
Over the past two years, Tandem has undergone a transformative period in its Home Improvement Loans (HIL) business, including the integration of specialist lender Allium Lending Group and the migration of distribution operating systems to an in-house platform. With a focus on green and sustainable products, Tandem’s HIL loan book has helped customers finance projects such as solar panels, energy-efficient heating, and double glazing, leading to reduced CO2 emissions and energy costs.
One of Tandem’s key initiatives in promoting energy efficiency is the Green Hub, the UK’s first greener marketplace. The hub provides consumers with tools to assess their home’s sustainability and access suitable financing solutions, creating a pathway to a greener lifestyle. Since its launch, the Green Hub has seen over 200,000 visits and over 1,700 personalized Green Home Plan journeys completed.
Alex Mollart, CEO of Tandem Bank, emphasized the importance of households in reducing emissions and highlighted the need for support from the government to facilitate greener choices. Julian Nutley, Managing Director of Home Improvement Loans at Tandem, expressed the bank’s commitment to leading the charge in the HIL market and supporting consumers in transitioning to greener living.
The milestone achieved by Tandem follows a period of significant growth for the bank, with customer numbers surpassing 300,000, deposits more than doubling, and a near five-fold increase in underlying profit reported in its 2023 annual report. Tandem’s range of products, including low emission motor loans, greener home improvement lending, and EPC discount mortgages, aim to make it easier for individuals to choose a sustainable lifestyle while saving money and reducing their carbon footprint.
Tandem’s efforts to build a greener, digital bank demonstrate its commitment to sustainability and environmental responsibility, setting a positive example for the banking industry and consumers alike.